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Market Update: Sales within Regina slightly up compared to April last year

Residential market sales in April based on activity reported through the Regina and area MLS® System were down from 2015 levels in all geographic areas but up slightly inside the city, said the Association of Regina REALTORS® Inc.

There were 309 sales reported during the month in all geographic areas, down 5% from 2015 when 325 sales were reported. The number of sales was below both the immediate past five-year average of 371 and ten-year average of 362, resulting as the lowest in the past ten years. There were 263 sales reported in the city, up 4% from 2015 when 252 were posted.

For the year-to-date, 966 sales have occurred in all areas compared to 942 last year – a 3% increase.

For April, the MLS® Home Price Index (HPI) - a much more accurate measure of housing price trends than average or median price - reported a composite residential price of $291,700 and index of 272 in the city, up 1.9% from 2015’s $286,300 and 263. After many months of prices pulling back, this continues the price recovery which began earlier in February. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

The average sales price in all market areas for the month was $317,098, a decrease of 6% from $336,105 recorded in 2015. The average in the city was $319,589, also down 6% from last year’s $338,863. The YTD average price in all areas was $311,180, down 1% from $313,616 in 2015. In the city, the YTD average was $314,420, a drop of 1% from 2015’s $318,307.

Sales dollar volume of $98.0M was posted in all geographic areas, a decrease of 10% from 2015’s $109.2M. Dollar volume in the city of $84.1M was down 2% from 2015’s $85.4M. In the city there were 1,207 homes for sale at the end of the month, a decrease of 13% from last year’s 1,393. About 25% of active listings in the city are condos.

There were 790 new listings placed on the MLS® System during the month in all geographic areas, down 9% from 2015’s 871. In the city 492 listings were added, down 19% from 605 in 2015. The ratio of firm sales to new listings for the month was 53% in the city and 39% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers.

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